Older Adults, Retirement Income, and Lifestyle

Abstract

Although the retirement period comes at the end of one's laborious working life, there is no certainty that one can live comfortably during these years. To support oneself during retirement, one must accrue enough income and benefits to last until death. Retirement can only be pursued with a sufficient amount of income. One must understand the fundamentals of retirement income to understand retirement as a whole. This literature review will explore how retirement income impacts an older adult's retirement lifestyle. Key topics of this question include the influence of individual characteristics, like gender, ethnicity, and immigrant status, on the type of retirement income received. Social forces, such as type of pension reform, geographic location, and economic events, will be investigated for their impact on an older adult's retirement income. The direct influence of retirement income on health will also be explored to fully understand the role retirement income plays in an older adult's life. Using online databases, these sources were analyzed and included based on their thorough discussion of retirement income and how detailed they are in their explanation of what happened to an older adult when types of retirement income were provided.